§ 28-5-1-10 — Time for existing companies to comply with loan limits

Except as otherwise provided in this chapter,
any such company which holds obligations of indebtedness in violation
of the limitations prescribed in this chapter shall, by July 1, 1938, cause
the amount of such obligations to conform to the limitations prescribed
in this chapter. The department may, in its discretion, extend the time
for effecting such conformity, in individual instances, if the interests of
the creditors will be protected and served by such extension. Upon the
failure of any such company to comply with such limitations, in
accordance with the terms of this section or in accordance with any
order of the department with relation to such limitations, the
department may declare that such company is conducting its business
in an unauthorized or unsafe manner and proceed in accordance with
IC 28-1-3.1-2.
Formerly: Acts 1935, c.181, s.10. As amended by P.L.263-1985,
SEC.152.